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HomeMy WebLinkAbout1/3/2001 - STAFF REPORTS DATE: JANUARY 3, 2001 TO: COMMUNITY REDEVELOPMENT AGENCY FROM: REDEVELOPMENT DIRECTOR EXTENDING THE LISTING AGREEMENT FOR AGENCY- AND CITY-OWNED PROPERTY AT STEVENS ROAD AND NORTH PALM CANYON DRIVE WITH JIM STUART OF GROUP ONE REALTY FOR A PERIOD OF TWELVE MONTHS RECOMMENDATION: It is recommended that the City Council approve an extension of the listing agreement with Jim Stuart of Group One Realty, for the sale of Agency- and City- owned property at the southwest corner of North Palm Canyon Drive and Stevens Road. SUMMARY: The Agency approved on October 18 a three-month listing agreement with Jim Stuart of Group One Realty for the Reservoir/Casa Camino property at Stevens Road and North Palm Canyon Drive. The Agency also approved a single-party agreement with Ingrid Baddour, who had received an offer on the site. The purpose of the three-month agreement was to determine whether the single party would move forward or if the Agency should seek other offers. BACKGROUND: The Agency approved a listing agreement with Jim Stuart of Group One Realty for the Reservoir/Casa Camino property at Stevens Road and North Palm Canyon Drive. It was for a period of three months, in part because the Agency also approved a single party agreement with another broker that had received an offer from a residential developer. That offer has since been withdrawn. The listing price of$525,000 ($7.00/s.f.) is still in effect. 7;6_C_10� - J HN S. AYMONOJ Rqdevelg0ment Director APPROVED: Executive Direct& ATTACHMENTS: 1. Resolution PUBLISHED AND DISTRIBUTED BY REAL ESTATE BUSINESS SERVICES,INC FORM ACI-14 C AL IF OF,N t A EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL, All ` ASSOCIATION LEASE, EXCHANGE OR OPTION ♦ OF REALTORS10 (FOR COMMERCIAL OR INCOME PROPERTIES) Wor 1. EXCLUSIVEAUTHQRIZATION: Cl"T`J OF A14M OPR/a1Gs' AIJD THE'?oDcye4DNiexT CzC N `/ ("Owner') hereby employs and grants f� Ql9E IS, AITy ("Broker') the exclusive and irrevocable right, commencing on (date) �Ar�. iq� 2 uo 1 and expiring at 11:59 P.M.on(date) -TAIJ 2-oe,2— ("Listing Period")to: SELL, ❑ LEASE, ❑EXCHANGE, ❑ OPTION,or ❑ OTHER the real property in the Qity of 6 County.of I V,-K s Calif9�(la, described as: °�-i} III Ra ffS AIo 4f'I S-1YoA) d- C% TT E11ZS slQhl # SOS-18�-oO4 �pD SoS-Id3 —ola ("Property"). 2. TERMS OF SALE: �+ A. LIST ICE:The listing price shall be rive " DILE'D Z ycmT>1 F1Ve -7 tiq[SR.V.17 B. PERSONAL PROPERTY:The following items of personal property are included in the above price: C. ADDITIONAL TER& 3. MULTIPLE LISTING SERVICE: Information about this listing will, ❑ will not, be provided to a multiple listing service ("MLS") of Brokers selection and all terms of the transaction, including, if applicable, financing,will be provided to the MLS for publication, dissemination and use by persons and entities on terms approved by the MLS.Owner authorizes Broker to comply with all applicable MLS rules. 4. TITLE:Owner warrants that Owner and no other persons or entities have title to the Property,except as follows: 5. COMPENSATION TO BROKER: Notice: The amount or rate of real estate commissions is not fixed by law, They are set by each Broker individually and may be negotiable between Owner and Broker. A. Owner agrees to pay to Broker as compensation for services irrespective of agency relationship(s): ❑ __L O percent of the listing price (or if a contract is entered into, of the contract price), ❑ $ OR ❑ in accordance with Brokers attached schedule of compensation;AND as follows: (1)If Broker, Owner,cooperating broker,or any other person, produces a transferee(s)who offers to squire the Property on the above price And terms, or on any price and terms acceptable to Owner during the Listing Period, or any extension; (2)If within calendar days after expiration of the Listing Period or any extension, the Property is sold, conveyed, leased, rented, exchanged, optioned, or otherwise transferred to gny party or entity in which Owner has an ownership interest, or to anyone with whom Broker or a cooperating broker has had negotiations, provided that Broker gives Owner, prior to or within 5 calendar days after expiration of the Listing Period or any extension, a written notice with the name(s) of the prospective transferees. However, if a written offer has been submitted by such a prospective transferee, then it shall not be necessary to include the offeror's name on the notice. "Negotiations"shall conclusively be deemed to have occurred with a prospective transferee if Broker(or any cooperating broker) showed the Property to such person, prepared or submitted to Owner such person's offer to acquire, lease, exchange for, or obtain an option on the Property, or submitted written information regarding the Property to such prospective transferee at the request of such person. "Negotiations" shall not be deemed to have occurred upon the mere furnishing to a prospective transferee by Broker of unsolicited information concerning the Property. (3)If, without Broker's prior written consent,the Property is (i) withdrawn from market; (ii) sold, conveyed, leased, rented, exchanged, optioned, or otherwise transferred; or(iii) made unmarketable by a voluntary act of Owner during the Listing Period, or any extension. B. If Owner enters into a listing agreement with another broker within the time period set forth in paragraph 5A(2), Owner shall provide to such broker the names of prospective transferees with whom Broker has had negotiations, as supplied to Owner by Broker. C. If completion of the transaction is prevented by a party to the transaction other than Owner, then compensation due under paragraph 5A shall be payable only if and when Owner collects damages by suit,settlement,or otherwise,and then in an amount equal to the lesser of one-half of the damages recovered or the above compensation, after first deducting title and escrow expenses and the expenses of collection, if any. D. In addition, Owner agrees to pay: E. Broker is authorized to cooperate with other brokers, and divide with other brokers the above compensation in any manner acceptable to Broker; F. Owner hereby irrevocably assigns to Broker the above compensation from Owner's funds and proceeds in escrow. G. Owner warrants that Owner has no obligation to pay compensation to any other broker regarding the transfer of the Property, except: If the Property is transferred to anyone listed above during the time Owner is obligated to compensate another broker: (a) Broker is not entitled to compensation under this Agreement and (b) Broker is not obligated to represent Owner with respect to such transaction. Owner and Broker acknowledge receipt of copy of this page,which constitutes age o 3 Pages. Owner's Initials I—) ( ) ( ) I—) Broker's IN al ) ) THIS FORM HAS BEEN APPROVED BY THE CALIFORNIA ASSOCIATION OF REALTORST(C.A.R.).NO REPRES N I N AIDE AS TO THE LEGAL VALIDITY OR ADEQUACY OF ANY PROVISION IN ANY SPECIFIC TRANSACTION. A REAL ESTATE BROKER IS THE P ALIFIED TO ADVISE ON REAL ESTATE TRANSACTIONS.IF YOU DESIRE LEGAL OR TAX ADVICE,CONSULTAN APPROPRIATE PROFESSIONAL. The copyright laws of the United States(17 U S Code)forbid the unauthorized reproduction of this form or any portion thereof,by photocopy machine or any other means.Including facsimile or computerized formats Copyright©1997-1998,CALIFORNIAASSOCIATION OF REALTORS@ INC ALLRIGHTS RESERVED i Published and Distributed by: — OFFICE USE ONLY REAL ESTATE BUSINESS SERVICES,INC. Reviewed by Broker a subsidiary or the CALIFORNIA ASSOCIATION OF REALTORS® REVISED 4/98 or Designee ° 525 South Virgil Avenue,Los Angeles,California 90020 Date Ewa Hw51HG orr Nflnf PRINT BROKER'S COPY EXCLUSIVE AUTHORIZATION AND RIGHT T SELL. AS . C 9 T I- 4 1 1 - -- -- TON YAM ��?'(j01 7 TION Al �ftl i'r"r oJs L 't 's (M d i P VS a�'s - -- - - __ EXCLUSIVE AUTHORIZATION AND RIGHT TO SELL.LEASE,EXCHANGE OR OPTION(ACI-14 PAGE 3 OF 3) h dip W421, L RESOLUTION NO. 1115 OF THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM SPRINGS, CALIFORNIA, EXTENDING THE LISTING AGREEMENT FOR THE SALE OF AGENCY-OWNED PROPERTY WITH GROUP ONE REALTY WHEREAS, the Community Redevelopment Agency of the City of Palm Springs is desirous of selling certain property located in the City of Palm Springs ('Property"), and described in Exhibit"A"of this Resolution, in accordance with Government Code Section 37420 et seq.; and WHEREAS, the Community Redevelopment Agency approved a listing agreement with Group One Realty for the property on October 18, 2000, for a period of three months; and WHEREAS, pursuant to Government Code Section 37421, the Agency used a collective process and three separate real estate brokerages to determine the market value of the property; and WHEREAS, the broker has requested that the listing be extended past its expiration of January 18, 2001 for a period of twelve months, expiring on January 18, 2002. NOW THEREFORE BE IT RESOLVED by the Community Redevelopment Agency of the City of Palm Springs, as follows: Section 1. The listing agreement with Group One Realty is renewed and extended until January 18, 2002. Section 2. The Executive Director is authorized to sign all agreements and contracts related to this listing agreement or the sale of this Property. ADOPTED this 3rd day of January , 2001. AYES: Members Hodges, Jones, Oden and Reller-Spurgin NOES: None ABSENT: None ABSTAIN: Chairman Kleindienst ATTEST: CITY OF PALM SPRINGS, CALIFORNIA By CM411 Assistant Secretary Chairman REVIEWED & APPROVED /